AASB 3 Business Combination: Analysis, Journal Entries, and Worksheet
VerifiedAdded on 2022/11/17
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Homework Assignment
AI Summary
This document provides a comprehensive solution to a finance assignment based on AASB 3, "Business Combination." The assignment involves the consolidation of Davis Ltd. by Alma Ltd., including detailed calculations, journal entries, and explanations. It covers the preparation of acquisition analysis, determination of goodwill, and the recording of business combination valuation entries. The solution also includes pre-acquisition entries, journal entries to recognize Non-Controlling Interest (NCI), and consolidation worksheet entries at June 30, 2020. The document differentiates between partial and full goodwill methods, showing the impact on acquisition analysis. The solution includes adjustments for inventory, land, plant, depreciation, and related tax implications. Finally, it demonstrates the calculation and recording of NCI share in the current year profit, providing a complete guide to business combination accounting.
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